Until you spend 20k on paint and some new kitchen appliances, but the roof and foundation are still shot and the 100k ARV is more like 70k in reality.

If you have the time and want to spend the effort then doing it yourself is the way to go.

@Stephen Hood your idea is solid and shows good potential, but here are a few things to consider:Private Lender Terms: Ensure the lender agrees to the 1% origination fee and $2K monthly payments—some may require a higher interest rate or balloon payment at the end.Timeline for Sale: Factor in potential delays with selling your current property or completing renovations on the new one, as these could impact your refinance timeline.Refinance Feasibility: Confirm with lenders that refinancing at $500K is realistic, especially after recent rate increases and appraisal expectations.Exit Plan: Have a backup plan in case the market shifts or repairs take longer than expected, such as extending the private loan or bridging with a HELOC.If you can lock in favorable private loan terms and stay realistic about costs and timelines, this could work well.

For context, I’m active in Columbus, Ohio, but I also spend a lot of time in Miami, FL.

You must spend more than your net selling price.

And yes, it may be a good idea to work for a wholesaler first to get your feet wet.I don't think it's necessary to spend money to get your real estate license first. 

I am looking to buy fixer upper homes in Calgary, but I am going to spend most of my time finding deals. 

Once your unit is rented, where do you end up spending most of your time as an investor/owner?

Note that if you are married filing joint, only the spouse who is qualifying for REPS is able to count their hours.Step 4: Apply the quantitative testsPer Section 469(c)(7)(B), in order to qualify for REPS, you must meet both of the tests below:750-Hour Test: If you materially participate in a real property trade or business, you must spend 750+ hours during the tax year.More Than Half Test: You must spend more than half of your personal service hours in the real property trade or business in which you materially participate.Step 5: Material participation in rental activities Just because you qualify for real estate professional status does not mean that your rental activities are automatically considered non-passive.

To reduce your tax bill, consider qualifying for Real Estate Professional Status (REPS) by spending 750+ hours on real estate activities, which reclassifies losses as non-passive.